New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-16
TROUBLES OF THE PHENIX.
THE COMMITTEE GOES TO WORK.

WHAT OFFICERS AND STOCKHOLDERS OF THE IN
sURANCE COMPANY SAY.
The committee which Is engaged In Strengthening up
the affairs of the PheniK Fire Insurance Company, of
Brooklyn and making for the big S50O000
assessment met yesterday IN the companys office, in
Broadway, and discussed prelimnares. They will meet
every day until they have completed statement OF af-
fairs for the stockholders from whom the assessment
will be collected by personal canvass The report on
the Phenx all-absorbing topic In insurance cir
ces yesterday. 1t said that the sockhoders meet
ing win be called before the end of this week. and that
free expression Of opinion may be looked for from those
with the management of the present
administration and wish a change. Said an insurance
man to TRIBUNE reporter: "One OF the officials, who
has had great deal do with the conduct OF the bus
ness, is not freinsurauce underwater at all; but
marine underwater But the curious fact remains that
1t the marine department by which the company has
lost The fire premiums for ten years ending July l.
1887 about $22 0O0 and tho loss ratio only
40 per cent. The marine premiums In the same time
have amounted TO about S7700000 and the loss ratio
has been 914 per cent, and have boon 32
cent The company's managers are we'll aware that the
marine underwriting has been perpetual drain and
they gradually getting rid of that branch Of the bust
ness and hope to be clear of it by January, 1888"
stockhoier said :" see from the newspapers that
the officers complain that they have not been fairly
dealt with by the examiners. In my Judgment
there is no ground whatever for that com
OF large experience; they called upon to do
the work of the superintendent OF the Insurance Depart
at Albany and did simply matter of routine
duty. They had object to in doing 1t otherwise
fairly aud the result OF naturally rather rrtates
the stockholders"
"will the call be nett ="
ono, sir. Men have lost their money not apt
to put up again 80 cent of their original Investment
and take the risk OF losing that. TOO"
The officials also by the reporter. They were
saDguue the result Of the assessment. VcePres
dent william r. Crowell said 1.-THE examination was
instituted verify statement OF December 81 but
it extended, through influences unknown to u.s. so
to include the first six months OF 1887
period and these last months have probably been
the disastrous that fire underwriters have expert
that the call will be met by the stockholders. Quite
number Of the most prominent havo oeen here this
morning and they have all expressed their willingness
and readiness to meet the assessment as soon as posi-
BILE. The few disgruntled stockholders WHO have been
anonymously talking bitterly Of US through the news
papers the who have the least capital invested
aud. therefore the least to lose and the least 70 pay
President stephen Crowe made the following state.
ment: THE report OF tho examiners snows that The
company has gross assets amounting to $5,3O7,OOO
This is deduction from the claimed January
l. 1887, Of about $4,000. which amount We consder
perfectly good bookkeepin assets although
by the Department The companys outstanding claims
losses July 30orpractcally up To daeamounted
S6i6 276 62. The claim Of impairment OF capt. al
is based the unearned premium reserve which made
by the examiners something 100000 In excess OF
money lost 6y the company but is held as
pocyhoders while Il works technical I'm pairmsnt OF
capita Again. the first half year. which the examiners
included their report Is most unayorable period Tor
u.s. premiums for the last four months OF the year
are as genena rule equal TO those OF the preceding
eight months. The premium income OF the company
has increased from S24960O0 in 1882 TO S5.553OOO In
1886: and the gross assets have increased from
295 900 in 1882 TO So 307 00O as Ia admitted by the
Department in lSs6-sho wing the immense growth of
the business OF the company and the corresponding im
menso reserve required by the law which Is In this State
exsotng upon the subject OF reserve than IN any
other state Union II this report had not been
made in midsummer. there would have been an immense
difference favor In ITS findings We expected that
by December 81 would show handsome accession
10 earned surplus"